Maybe financial reform will happen, or at least set up a “teachable moment” battle with the GOP. But by letting health reform slide, the administration is abandoning one really big policy initiative that is just inches from happening. Let this go, and there’s likely to be no achievements worth remembering.

But don’t blame Rahm Emanuel; this is about the president. After Massachusetts, Democrats were looking for leadership; they didn’t get it. Ten days later, nobody is sure what Obama intends to do, and his aides are giving conflicting readings. It’s as if Obama checked out.

Look, Obama is a terrific speaker and a very smart guy. He really showed up the Republicans in the now-famous give-and-take. But we knew that. What’s now in question isn’t his ability to talk, it’s his ability to lead.